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Mobile crane market to grow almost $5 billion by 2028

The global mobile crane market is expected to grow from $17.54 billion in 2021 to $22.26 billion by 2028, according to a research study from Insight Partners.

The study released today: Mobile Crane Market Forecast to 2028 – COVID-19 Impact and Global Analysis – looks at Crane Type (Truck Cranes, All-terrain cranes, Rough Terrain Cranes, Crawler Cranes, and Others) and Application (Construction, Oil and Gas, Shipping and Port Building, Power and Utilities).

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Some of the factors driving this growth include the construction industry, which is growing and becoming more complex every day.

According to the Texas Workforce Commission, the construction industry in the United States is expected to grow at a CAGR of 27.8 per cent during 2014‒2024. Furthermore, the industry is experiencing steady growth in APAC and Europe due to increased spending on infrastructure developments. Rising urbanization in China, India, the U.S., the UK, Indonesia, and the Philippines has triggered infrastructure investments, and the demand for associated equipment and gadgets.

With the implementation of new development plans and the subsequent beginning of projects, the use of construction equipment is increasing rapidly.

Tower cranes and mobile cranes are widely employed in the building sector. Tower cranes make it easier to lift and move raw materials and items during the construction of medium- to high-rise buildings. On the ground, mobile cranes are required to transfer heavy building materials such as cement bags, bricks, and iron beams. With the application of fundamental mechanics, cables, and hoists, these cranes can carry huge weights that are well beyond the capabilities of a human.

Thus, such vital functions served by mobile cranes have increased their demand in the construction industry, which is driving the market growth.

(CNW)